QUESTION 39 Individuals may receive a 6-month automatic extension to file their tax return; that is, no explanation is required as long as the proper form is filed by the due date. True False QUESTION 40 To avoid the taxpayer penalty for substantial understatement of the tax liability due to a disclosed position, the taxpayer's position on the retum must, at a minimum, Have a reasonable basis. Have a realistic possibility of success. Have substantial authority Not be frivolous Be more likely than not (more than 50% chance) to succeed. QUESTION 41 Explain the difference between the Internal Revenue Code and the Treasury Regulations. TTT Arial 3 (126) T